The Ministry of Economics and Commerce is planning to introduce a bill to parliament to reduce insurance contributions to 12.25%. This initiative was announced by Kubanychbek Isabekov, the head of the tax policy department, during the "Business Enlightenment Caravan".
This proposal follows the signing of a decree by the president aimed at creating a favorable tax environment for entrepreneurs and increasing the interest of insured persons in state social security. As per the president's directive, the current rate of 27.25% will be decreased to 12.25%.
Isabekov mentioned that the document has been coordinated and is currently under review by the presidential administration. The presidential decree outlines various measures to improve conditions for businesses, stimulate activity, enhance financial resources accessibility, and ease the financial burden on businesses.
Among the provisions outlined in the decree are the reduction of insurance contribution rates from 27.25% to 12.25% for entrepreneurs, employer accountability for concealing employee wages, requirements for determining income for tax purposes and insurance contributions, and the establishment of deductions from income tax to the republican budget. This proposed legislation aims to create a more conducive environment for businesses and ensure fair practices in the financial sector.
